Government must nurture 'jewel in crown' - Scuoler
The government has been issued with a stern warning to provide fresh support for manufacturers by industry leaders speaking at an Insider breakfast debate in South Yorkshire.
With the “Budget for growth” being announced today, delegates at the Question Time-style event claimed the coalition government’s honeymoon would be over if it failed to create a nurturing environment for an industry described as “the jewel in the economic crown”.
Panellist and chief executive of manufacturer’s organisation EEF, Terry Scuoler, said: “We realise the government doesn’t have much money and therefore can’t do much for the industry, but they must find ways to support us.
“If the jewel in the economic crown is manufacturing, they must work to create an environment for growth by cutting regulations, providing incentives and controlling fuel and energy prices.”
Sponsored by HSBC, Lambert Smith Hampton and Nabarro, the panel also included HSBC chief economist Dennis Turner, vice-president for UK and Europe at Firth Rixson Brian McKenzie and the MTL Group’s finance director David O’Hara.
Turner claimed the government must focus on inward investment if it wanted the manufacturing industry to revive the shattered economy.
He said: “We must look at the world’s leading businesses and if they’re not in the UK, we must work out how to get them to come here.
“It doesn’t matter who owns it – it’s about where they are located. If they are in the UK the benefits are huge in terms of taxes, jobs and the supply chain supporting that business.”
McKenzie added his support saying inward investment would help make the UK more competitive and said: “The government needs to create the right infrastructure and environment and then step aside and let manufacturers get on with it.”
For more from the Insider Breakfast – The New Manufacturing Agenda - pick up a copy of the April issue of the magazine.
